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Germany Faces Economic Decline, Early Elections Ahead

1/18/2025

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Summary

Story summary

Germany's economy shrank by 0.2% in 2024, suffering its second straight year of decline after a 0.3% drop in 2023. Manufacturing woes and soaring costs have fueled this downturn. With Chancellor Olaf Scholz's coalition crumbling, early elections are set for February 23, 2025, as analysts warn of ongoing economic challenges without urgent reforms.

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Story summary

Germany's economy shrank by 0.2% in 2024, suffering its second straight year of decline after a 0.3% drop in 2023. Manufacturing woes and soaring costs have fueled this downturn. With Chancellor Olaf Scholz's coalition crumbling, early elections are set for February 23, 2025, as analysts warn of ongoing economic challenges without urgent reforms.